EU FINANCIALS: Santander Agrees To Buy TSB
Jul-02 07:56
SANTAN (A2/A+/A)
- The £2.65bn price tag is 9.8x consensus 2026 earnings
- If claimed synergies - £400m in total p/a - are fully realised this drops to 5x
- Will reduce group CET1 by 50bps post-closing - this is less than the 100bp bump in CET1 Santan booked from selling Santander Polska Capital
- Santander UK + TSB will be the UK's third largest bank by consumer deposit balance.
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